* In a small bowl, combine graham cracker crumbs and brown sugar; stir in butter. Set aside 1/4 cup for topping. Press remaining crumb mixture onto the bottom and 1 in. up the sides of a greased 9-in. springform pan.

* Place pan on a baking sheet. Bake at 350° for 10 minutes. Cool on a wire rack.

* Drain peaches, reserving syrup in a 2-cup measuring cup. Add enough water to measure 1-1/2 cups. In a large saucepan, combine 1/4 cup sugar and cornstarch; stir in syrup mixture until smooth. Add peaches. Bring to a boil over medium heat; cook and stir for 2 minutes or until thickened. Cool to room temperature, stirring occasionally.

* Meanwhile, in a large bowl, beat cream cheese and remaining sugar until smooth. In a small bowl, beat cream until stiff peaks form; fold into cream cheese mixture.

* Spread half of the cream cheese mixture over crust. Top with half of the peach mixture; repeat layers. Sprinkle with reserved crumb mixture. Cover and refrigerate for 8 hours or overnight. Remove sides of pan before slicing. Yield: 12 servings.